How low can we go?
Sadly, I expect the Delta deal will indeed result in a further significant reduction in pilot compensation -- and this deal will simply be another step in a steady procession of reduced compensation for pilots throughout the industry. I don't know how low we can go. Probably each pilot has his/her individual answer to that question.
I wouldn't be surprised if professional commercial flying for the airlines develops into something that mainly young, single people do for, say, ten years or so -- during that time they wouldn't make much, but they'd do a lot of flying and have fun. But once pilots had children and "settled down," many would opt for a second career doing something else, simply because they could make more money that way.
What's driving this? The cheap ticket. It's transforming/wrecking our industry.